Jamie Carragher believes Brendan Rodgers must not repeat the same mistakes his predecessors committed after guiding their sides to a second place finish in the Premier League.
This is the third time in the last 24 years that the Reds have gone close to winning the title. After coming this close in 2002 and 2009, Liverpool failed to mount any considerable challenge in subsequent seasons.
The former England international points out that the Merseyside club's former managers Gerard Houllier and Rafael Benitez splashed the cash on the wrong players resulting in their failure.
Liverpool face Newcastle United on the last day of the season knowing that they have a chance of finishing first only if Manchester City lose to West Ham United at the Etihad.
Carragher insists that the owners, Fenway Sports Group, must support Rodgers and help him build on this season's achievements in order to develop a successful silverware winning side in the coming years.
"In the two campaigns in which I came closest to the title, we needed two or three quality signings to make the next step, but the subsequent transfer windows were filled with poor signings as Gerard Houllier, Rafa Benitez and their scouts made mistakes that prevented us from pushing on," Carragher told the Daily Mail.
"Liverpool don't need a summer where they buy players to fit in around the edges. They need quality additions. They need three players to go straight into the team - two defenders and a midfielder - then another striker and a wide player to add depth and quality."
"Whatever happens this weekend, Liverpool now have to challenge for the title year in, year out. Brendan, his scouting team and the owners need to learn the lessons from the mistakes that were made in the past and ensure this campaign is a springboard for future success rather than the summit of ambitions," he added.
Carragher also stressed that Rodgers deserves credit for guiding Liverpool back into the Champions League despite not having the financial backing his counterparts at Manchester City or Cheslea have at their disposal.
"Do not underestimate how much of Liverpool's improved form is down to Rodgers. Unlike the managers at Chelsea and Manchester City, he hasn't been shopping at the top end, paying huge fees and huge wages; Rodgers' success comes from endless hours coaching on the training ground," the Anfield favourite said.
"Look at the number of players who have improved: Jordan Henderson, Raheem Sterling and Daniel Sturridge have come on so much. Liverpool have flourished thanks to Rodgers, not because Fenway Sports Group have emulated Sheik Mansour and Roman Abramovich."